UNDP Tanzania Insurance Innovation Challenge (IIC) 2025 – YOA

Deadline: April 15, 2025

Applications are open for the UNDP Tanzania Insurance Innovation Challenge (IIC) 2025. The Insurance Innovation Challenge (IIC) presents an OPPORTUNITY for Tanzania to have interaction the insurance coverage trade in growing options that improve monetary resilience and promote inclusive progress by the Insurance Innovation Challenge, utilizing a Hackathon modality.

Technically supported by UNDP Accelerator Lab Tanzania the problem can be organized in partnership and collaboration with the Association of Tanzania Insurers (ATI) and the Tanzania Insurance Regulatory Authority (TIRA). The occasion can be structured to facilitate the event of revolutionary concepts over a brief, intensive interval, with contributors working in groups to handle particular challenges.

The hackathon will function a platform to crowdsource revolutionary concepts from a various group of contributors. The collaborative nature of a hackathon will allow contributors to co-create options that deal with particular challenges confronted by Tanzanians, corresponding to restricted entry to insurance coverage options that cowl their well being, the impression of climatE-change and disasters and likewise safety for his or her Small and medium- scale companies.

Benefits

The profitable total answer will obtain a mixed prize cash of 30,000,000 Tanzanian Shilling, together with complete technical help for six months on the contract begin date to make sure the ensuing options are viable, sustainable, and scalable. The areas of technical help embody:

• Strategic Management and Business Model Development: Crafting strong methods and sustainable enterprise fashions.
• Market Research: Mapping and analyzing distribution channels to determine market alternatives.
• Process Simplification and Improvement: Streamlining operations for effectivity and effectiveness.
• Digitalization and Technology: Leveraging know-how to reinforce operations and buyer experiences.
• Product Design: Developing revolutionary and market-related merchandise.
• Reinsurance: Integrating reinsurance methods to handle threat successfully.
• Digital Solutions: Creating know-how-pushed options for scalability and impression.
• Social Marketing: Promoting options by focused, neighborhood-targeted advertising methods.
• Access to Global Capacity Building and Mentorship Programs: Connecting contributors with international experience and mentorship alternatives.

Eligibility

• Applicants should be Insurance intermediaries, aggregators, insur-techs, Fin-techs, distribution channels, and different associated non-public sector actors working in Tanzania.
• Entities making use of to the Insurance Innovation Challenge 2025 should deal with key growth wants by revolutionary considering whereas guaranteeing:
  • Viability: Solutions should be adaptable to native situations, demonstrating practicality and effectiveness within the Tanzanian context.
• Sustainability & Scalability: Solutions must be designed to advertise lengthy-time period sustainability and scalability, guaranteeing they will develop and evolve to achieve wider audiences over time.
• The problem seeks revolutionary options that embody the next attributes:
  • Building an Insurable Population: Solutions ought to give attention to threat prevention, threat discount, and monetary safety for underserved and excluded populations who’ve restricted entry to current insurance coverage merchandise. Solutions must be inclusive, addressing gaps in affordability, accessibility, and consciousness.
  • Sustainability and Scalability: The proposed mannequin should exhibit lengthy-time period sustainability by incorporating price effectivity, adaptability to completely different market situations, and the potential for scaling past preliminary implementation. Solutions ought to leverage know-how, partnerships, or revolutionary enterprise fashions to maximise impression.
  • Development Stage and Feasibility: Solutions must be no less than prototype-examined, on the MVP (Minimum Viable Product) stage, or past, with important options purposeful and prepared for real- world testing and suggestions. Exceptionally promising thought-stage proposals can be thought-about in the event that they current a effectively-outlined roadmap, technical feasibility, and a viable technique for growth into a totally-fledged product.
  • Innovation and Impact: Solutions ought to introduce new approaches or considerably enhance current fashions to reinforce insurance coverage accessibility, effectiveness and supply consumer worth. They ought to exhibit potential for measurable social and financial impression, notably in addressing local weather dangers, well being safety, and small enterprise resilience.

Evaluation Criteria

Applications can be judged based mostly on the next standards:

• Innovation and Disruptiveness: How transformative is the answer for Tanzania and Africa?
• Team Composition: Technical and industrial strengths and variety of group members and their capability to ship excellence based mostly on the answer offered.
• Traction: Evidence of milestones, success, and progress achieved.
• Impact and Scale: Potential for social and industrial impression, scalability, and enlargement past Tanzania. This must be demonstrated by a transparent distribution plan. Solutions with current distribution partnerships can be given choice.
• Sustainability: Viability of the enterprise mannequin and income technology technique.
• Unique Selling Proposition (USP): What makes the answer distinctive, revolutionary, and impactful?
• Risk Mitigation: Strategies for addressing potential damaging impacts.

Application

All accomplished application packs should be submitted by the designated on-line platform supplied for the hackathon.

Click here to apply

For extra info, go to UNDP Tanzania Challenge.